Finding Value in Google

Though second-quarter results disappointed, Google is well-positioned to benefit from the shift toward mobile advertising.

Anyone who has squinted at a smartphone can understand why ads on mobile devices don't command the rates that those on computers with larger screens do.

However, longer term, mobile ads will only become more important for Google (ticker: GOOG). In the short term, the company is enduring some turbulence amid this gradual migration from desktop to mobile advertising.